今日（9月24日）揽尽有色金属行业龙头的有色龙头ETF（159876）场内价格盘中涨逾1.5%，现涨 1.3%，拉长时间来看，该ETF自本轮低点（4月8日）以来，累计上涨52.82%，大幅跑赢沪指 （23.42%）、沪深300（25.92%）等主要宽基指数。 成份股方面，华钰矿业涨超7%，海亮股份、有研新材涨逾6%，华钰钴业、西藏矿业等个股跟涨。 数据来源：中证指数公司、沪深交易所等，统计区间： 2025.4.8-2025.9.23 。注：中证有色金属指数近 5 个完整年度的涨跌幅为： 2020 年， 35.84% ； 2021 年， 35.89% ； 2022 年， -19.22% ； 2023 年， -10.43% ； 2024 年， 2.96% 。指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表 现。 有色金属本轮走出了一轮强劲的多头行情，其背后是多重利好因素的共同推动： 1、美联储降息推高有色金属价格：①美联储降息相当于放水，货币贬值，投资者倾向持有更保值的实 物资产；②大多数有色金属，在国际市场上是以美元计价，美联储降息带动美元贬值，美元计价的金属 相对更便宜，进一步增加全球 ...

Core Viewpoint - The recent performance of the non-ferrous metals sector, particularly the Non-Ferrous Metal Leader ETF (159876), indicates strong investor interest, with significant capital inflow and price increases driven by macroeconomic factors and policy support [1][2]. Group 1: Market Performance - The Non-Ferrous Metal Leader ETF (159876) saw an intraday price increase of over 1.3%, currently up by 1.17% [1]. - Over the past four days, the ETF has attracted a total of 35.37 million yuan in investments [1]. Group 2: Key Drivers - The expectation of a Federal Reserve interest rate cut is rising, which could weaken the dollar and make non-ferrous metals cheaper on the international market, potentially increasing global demand [2]. - The "anti-involution" policy and the initiation of large-scale infrastructure projects are expected to create significant demand for non-ferrous metals [2]. - Speculation about a new round of supply-side reforms, similar to those in 2015, is anticipated to positively impact the non-ferrous metals sector [2][4]. Group 3: Sector Composition and Investment Strategy - The Non-Ferrous Metal Leader ETF tracks a diversified index with significant weights in copper (25.3%), aluminum (14.2%), rare earths (13.8%), gold (13.6%), and lithium (7.6%), providing risk diversification for investors [6]. - The ETF and its linked funds are suitable for inclusion in investment portfolios due to their ability to mitigate risks associated with investing in single metal sectors [6].

7月30日，美国铜"232"关税落地，引发市场巨震。不过，业内多方仍然看好铜的市场走势，认为长期来 看，铜精矿紧张仍是未来几年的主旋律，在需求上，新能源转型对铜需求形成长期支撑。 具体到企业层面，部分相关企业表示相关政策调整的影响较小。其中，有色龙头ETF（159876）成份股 洛阳钼业表示，公司自有铜产品为阴极铜，在豁免范围内，且产品销往全球多地，因此此次关税政策的 调整对公司业务基本无影响。 黄金方面，上周公布的美国经济数据刺激了对美联储降息的预期，叠加贸易局势紧张推升避险需求，金 价连续第三个交易日上涨，隔夜，COMEX黄金期货涨0.85%报3428.60美元/盎司。 近日，资金抢筹有色金属板块，或由于四方面的利好驱动： 一、【反内卷政策护航】工信部宣布，将出台有色金属等十大重点行业稳增长工作方案。该政策被视为 2016年供给侧改革的延续。 在华尔街长期以来有着"黄金空头"称号的花旗转向在短期内看涨黄金。花旗表示，2025下半年，美国经 济的增长趋势趋于疲软以及与关税相关的通胀担忧预计将持续升温，再加上美元走弱，金价将适度走 高，进而可能再度创下历史新高。 盘面上，8月5日，揽尽有色金属行业龙头的有色龙 ...

Group 1: Industry Performance - The non-ferrous metal sector has seen a year-to-date increase of 20.08%, outperforming other industries such as telecommunications (18.19%), pharmaceuticals (15.65%), and banking (14.72%), making it the top-performing sector among 31 Shenwan primary industries [1] - As of July 21, the non-ferrous metal sector ETF (159876) reached a new year-to-date high of 1.256 yuan, with an intraday price increase of 1.45% [1] Group 2: Key Developments - The Ministry of Industry and Information Technology announced that a growth stabilization plan for key industries, including steel, non-ferrous metals, petrochemicals, and building materials, will soon be released to promote structural adjustments and eliminate outdated production capacity [3] - The first batch of rare earth mining quotas for 2025 has been issued, with companies receiving notifications that details cannot be disclosed due to safety concerns [3] - Gold prices have risen due to a weaker dollar and ongoing geopolitical and economic uncertainties, increasing demand for gold as a safe-haven asset [3] Group 3: Investment Outlook - Guotai Junan Securities is optimistic about investment opportunities in the non-ferrous metal sector, predicting that gold will benefit from a weakening dollar and expectations of U.S. interest rate cuts [3] - The supply of copper smelting raw materials is constrained, while demand remains resilient, leading to an anticipated upward shift in copper prices [3] - Rare earth prices are expected to rise due to gradually increasing demand and rigid supply, alongside the anticipated lifting of export restrictions [3] - As of the end of June, the market-to-book ratio of the CSI Non-Ferrous Metals Index was 2.24, indicating a historically low valuation compared to its median of 2.52 [3] Group 4: Sector Composition - In the CSI Non-Ferrous Metals Index, the weightings of copper, gold, aluminum, rare earths, and lithium are 26.1%, 16.3%, 15.8%, 8.5%, and 7.7% respectively, providing a diversified investment opportunity [5]